Deep Tide TechFlow News, on November 19, according to Cointelegraph, 18 states in the United States have filed a lawsuit against the Securities and Exchange Commission (SEC) and its chairman Gary Gensler, accusing the agency of exercising "serious government overreach" in the cryptocurrency sector.

The plaintiffs claim that the SEC is attempting to seize regulatory authority from the states through enforcement actions against cryptocurrency entities.

The states participating in the lawsuit include Kentucky, West Virginia, Iowa, Texas, Mississippi, Ohio, Montana, Nebraska, Tennessee, Wyoming, and others.